Dana has revised its 2004 earnings expectations from $1.90 per share to a range of $1.60 to $1.65 per share, excluding non-recurring items.
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Dana Chairman and CEO Michael J. Burns said: “Like most in our industry, we are being impacted by the rising cost of steel and other raw materials, as well as reduced North American light-vehicle production volumes. Both factors are contributing to lower-than-expected operating results, not only in our original equipment business, but also in the automotive aftermarket business.
“We had expected that the bottom-line impact of these factors could be offset by the stronger performance in our heavy vehicle business and continuing cost-reduction efforts. But, given more recent trends in commodity prices and light-vehicle production volumes, it’s now clear that we will see a negative effect on our 2004 earnings,” Mr. Burns said.
“It’s also clear that this effect will be more pronounced in the fourth quarter, since our third-quarter results will reflect a benefit from favourable tax developments.”
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